\begin{tabular}{l*{1}{cccc}} \toprule
            &\multicolumn{4}{c}{Baseline} \\ \cmidrule(l){2-5}&            &            &            \\
            &   Sale Prob&    Buy Prob&Seller Value& Buyer Value\\
\hline \multicolumn{5}{c}{Panel A: Baseline} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.441&       0.802&     185,360&     201,790\\
Medium      &       0.502&       0.729&     198,170&     218,000\\
Boom        &       0.622&       0.724&     203,160&     219,660\\
Total       &       0.524&       0.752&     195,638&     213,166\\
\bottomrule
\hline \multicolumn{5}{c}{Panel B: Flexible Commission Benchmark} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.447&       0.812&     187,973&     201,867\\
Medium      &       0.508&       0.737&     200,773&     218,213\\
Boom        &       0.628&       0.731&     207,287&     219,857\\
Total       &       0.530&       0.761&     198,722&     213,332\\
\bottomrule
\hline \multicolumn{5}{c}{Panel C: Fixed Commission 1.61\%} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.446&       0.810&     188,180&     201,857\\
Medium      &       0.507&       0.735&     201,250&     218,163\\
Boom        &       0.626&       0.729&     206,287&     219,803\\
mean        &       0.529&       0.759&     198,650&     213,293\\
\bottomrule
\hline \multicolumn{5}{c}{Panel C: Increased Entry Cost} \\ \cmidrule(l){2-5}&            &            &            \\
Bust        &       0.447&       0.812&     185,510&     201,873\\
Medium      &       0.508&       0.738&     198,423&     218,227\\
Boom        &       0.629&       0.732&     203,390&     219,873\\
Total       &       0.530&       0.761&     195,844&     213,334\\
\bottomrule
\end{tabular}
